joint ownership

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Joint ownership is a concept in property law that refers to the ownership of property by two or more people. There are four main types of joint ownership: joint tenancy with rights of survivorshiptenancy by the entiretytenancy in common and community property

This is one area of property law where informal rules distinct from property law govern more heavily, especially in the context of formal relationships, like between family members. However, it is essential to note that all joint ownership schemes must still abide by the numerus clausus principle, in that these property relationships are not freely customizable by parties but rather are standardized into a closed set of approved forms (any of the four aforementioned main types of joint ownership).

[Last updated in June of 2023 by the Wex Definitions Team]